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Meriti Neutral share class B rose by +1.03 percent in value during April and the fund has thus risen by +2.70 percent in 2025. Since the strategy's start pro forma on 30 June 2010, it has returned +213.4 percent, while the correlation to the Swedish stock market has been 0.11.
Markets were highly volatile in April, as the fallout from US trade policy weighed on stocks, bonds and currencies. The month began with President Trump announcing a series of tariffs that were significantly broader and higher than expected. Stock markets initially fell sharply but largely recovered after President Trump softened his stance. A 90-day moratorium was imposed, and some tariffs on electronic products were removed. Tensions in US-China trade relations also eased somewhat after the US administration toned down its rhetoric.
European stocks, as measured by the S&P Europe 350 Index, fell by -0.79 percent in April. At the sector level, Real Estate was the strongest performer, while Energy, last month's winner, was the weakest.
During the month, the fund has net purchased companies within Materials, Commercial & Professional Services and Food Beverage & Tobacco at sector level. Correspondingly, the fund has net sold companies within Household & Personal Products, Diversified Financials and Banks.
At the end of the month, the fund's largest net positive positions were in the Banks, Telecommunication Services and Capital Goods sectors, and the largest negative sector exposures were Insurance, Diversified Financials and Automobiles & Components.
The fund's Value-at-Risk (95%, 1 day) has averaged 0.58 percent during the month and the exposure to the stock market, the fund's estimated beta to global stocks, has averaged 0.20.
At the end of April, the fund had a total gross exposure to equities of 178 percent, consisting of 195 bought (long) equity positions balanced by 189 sold (short) equity positions. The size of the long positions up